Course Catalog and Schedule



Decision Theory (MECS-462-0)
1.00 Credit
TCE BidStats

Description:
This PhD-level course on decision theory focuses on axiomatic theories of individual decision making under risk and uncertainty. The course briefly explores utility theory under certainty and the notion of preferences and their representation, then progresses to the classic theories of decision under risk and uncertainty: von Neumann and Morgenstern, Anscombe and Aumann, and Savage. This lasts roughly half the course and constitutes a basic grounding in the subject. From there the course explores topics that expand on the classical work and are nearer to the current research frontier. These topics may include Allais Paradox, Prospect Theory and Machina's approach; Ellsberg's paradox, uncertainty aversion, and Gilboa and Schmeidler representations; dynamics - Bayesian updating, consistency, preferences over the timing of the resolution of risk/uncertainty; and notions of belief and probability in decision making.

Prerequisites:
None

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Academic Year Term   Course ID Title Sec ID   Credits Syl Instructor Times Campus Location Mand 1st Exam
2013-2014 Spring 2014 MECS-462-0 Decision Theory 21 1 Klibanoff, Peter Tue 02:00 PM - 05:00 PM Evanston Jacobs (561) N